Achari Ventures Holdings Corp. I, a healthcare services company, is set to be delisted from The Nasdaq Stock Market LLC, as per the recent Securities and Exchange Commission filing. The company, trading under the symbol AVHI, had its units, common stock, and redeemable warrants suspended from trading since April 9, 2024, due to non-compliance with Nasdaq's minimum market value and shareholder requirements.
The delisting notice follows a Nasdaq Hearings Panel determination on April 5, 2024, which found Achari Ventures in breach of the $50 million minimum market value of listed securities and a minimum of 400 total shareholders. As a result, Nasdaq will file a Form 25 on September 6, 2024, to formalize the delisting process, which will be effective ten days post-filing.
Despite the delisting, Achari Ventures intends to continue with its planned business combination with Vaso Corporation, previously announced. The company's ability to finalize the merger is contingent upon Nasdaq's approval of a new initial listing application connected to the transaction. No assurance can be given that Nasdaq will grant approval, which may delay or prevent the merger.
In other recent news, Achari Ventures Holdings Corp. I is making significant moves in the health services industry. The company has provided unaudited pro forma financial information reflecting a potential business combination with Vaso Corporation. The merger is currently in the solicitation phase and is expected to bolster Achari Ventures' position in the industry.
The company has also extended its merger deadline multiple times, with the most recent extension pushing the deadline to September 19, 2024. To support these extensions, Achari Ventures has deposited funds into a trust account, with the latest deposit being $12,360.40.
In addition, Achari Ventures has rescheduled its Special Meeting of stockholders to vote on several key proposals, including a Business Combination Agreement with Vaso Corporation. This adjournment aims to allow stockholders more time to review the transaction and cast their votes.
However, the company is currently facing potential delisting from the Nasdaq Stock Market due to non-compliance with listing requirements, despite an appeal supported by its advisor, Donohoe Advisory Associates LLC.
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